Subject Title - INSETA

The Registrar will publish an intention to declare first. The FSP maythen respond.Thereafter the Registrar may publish the declaration and the FSPmust stop with the business on or after the date of publication.Failure to stop, rectify or reinstate may result in a fine of R1 millionand/or imprisonment for ten years.Self-Assessment QuestionsPlease note that the questions which follow are formative in nature. Thequestions were not developed by the FSB‟s examination bodies and as suchcannot be used as an indication of the nature/structure/level of the questionsthat you will encounter in the FSB‟s regulatory examination.1. The FAIS Supervision Department is responsible for:a) application formsb) compliance reportsc) submissions on changes in legislationd) complaints handlinge) b) and c)2. The FAIS Registration Department is responsible for:a) compliance reportsb) debarmentsc) upload of the representative registerd) application formse) c) and d)3. When deciding whether a business is an undesirable businesspractice, the Registrar must consider whether the business practicemust have, or is likely to have, a direct or indirect effect resulting in:a) harming the relations between FSPsb) unreasonable prejudice to clientsc) deceiving any clientd) All the above4. When the Registrar informs the FSP to rectify or reinstate loss ordamage, the FSP must do it:a) within 60 days after the direction was issuedb) within 90 days after the direction was issued© INSETA - Section 1 12a 131